Strong financial security revealed in IPQ 4.0 Survey

Max Life Insurance Co. Ltd in association with Kantar recently unveiled the India Protection Quotient (IPQ) 4.0 survey. Tapping 5,729 respondents across 25 Indian cities [between 10 December 2021 to 14 January 2022], the survey was carried out during the recent wave of the Covid-19 pandemic.

The findings which reveal insights that highlight East India’s shift across financial priorities and anxieties studied by IPQ 4.0 are – (1) Abysmal term insurance adoption – East India registered an abysmal rate of term insurance ownership at 40%. (2) Region worries over mental wellbeing and children’s education – 67% of respondents worried about mental wellness. (3) Savings & investments is the primary objective – East India prioritized savings and investments over luxury expenses. (4) Premium and flexibility/customization features – 71% considered premium when purchasing term plans, while 66% looked for flexibility and customization. (5) Key challenges play impediment to term plan purchase – 24% associated term plans with high premiums. (6) Offline sources dominate touchpoints for term insurance buying – 88% cited offline medium for purchasing term plans, 60% seeking advice from insurance agents and 41% referred to the insurer’s website. (7) Highest awareness and ownership of critical illness riders – 86% were aware of critical illness riders. The study is conducted in top 25 urban metro, Tier 1 and Tier 2 cities.
The Deputy Managing Director of Max Life V. Viswanand said, “With greater investment in driving insurance awareness and penetration, I am confident East will be able to gain momentum and become financially protected in the true sense.”